SEC Says Adios To Hedge Fund Registration Rule

Aug 11 2006 | 12:00am ET

The Securities and Exchange Commission is waving the white flag in its battle to save the controversial hedge fund registration requirement. This week, SEC Chairman Christopher Cox announced the agency would not appeal a June 23 court decision that vacated the rule, calling it “arbitrary.” But Cox warned that hedge funds are not off the hook yet when it comes to SEC scrutiny.

“Since the appellate court’s decision was based on multiple grounds and was unanimous, further appeal would be futile and would simply delay and distract from our goal of advancing investor protection,” Cox said in a statement. But he went on to say, “Notwithstanding the Goldstein decision, it is important to point out that hedge funds today remain subject to SEC regulations and enforcement under the antifraud, civil liability and other provisions of the federal securities laws.”


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